Quidax Plans Introduction of Peer-to-Peer Service

March 9, 2021
Quidax

By Dipo Olowookere

One of the notable crypto exchanges in Nigeria, Quidax, has disclosed that it would soon introduce a peer-to-peer service.

Quidax was one of the exchanges affected by the ban on the trading of cryptocurrencies in the country by the Central Bank of Nigeria (CBN).

Business Post reports that in a circular dated February 5, 2021, signed by the Director of Banking Supervision at the CBN, Bello Hassan, banks were directed to close down accounts of those trading digital currencies.

“Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.

“Accordingly, all DMBs, NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.

“Please note that breaches of this directive will attract severe regulatory sanctions,” the circular had said.

This development forced crypto exchanges to close all their Naira wallets for the trading of the tokens.

However, a few others devised other means to allow their customers to continue to trade the cryptocurrencies through peer-to-peer, which is also known as P2P.

But for those on Quidax, they have been unable to trade through this means.

Worried that it may lose its clients to others, the company, through its Chief Technology Officer (CTO), Uzo Awili, assured that this feature would be introduced by Quidax very soon.

“I want to thank you for your patience so far and apologise to you for the delay in providing a solution to you in a time like this.

“Even though we’ve been working round the clock, the peer-to-peer (P2P) service is not ready yet.

“After running multiple tests to make sure you get the best out of it there’s still some work that needs to be done.

“I have read comments from a lot of people who are pained that we haven’t provided more solutions quickly enough and I am really sorry about this.

“I know it’s been tough for you and I’d hate to give you an exact date and disappoint you when that day comes. So we’ll send you another announcement on Wednesday (March 11). By then, we’ll be able to give you an exact date for when the P2P service will go live.

“Once again I apologise for our delay in not pushing out more solutions quickly enough,” the messeage from Awilli obtained by Business Post read.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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